降本增效成效显著，温氏股份上半年净利润同比大增

Core Viewpoint - Despite challenges in the poultry market, the company achieved growth in both revenue and net profit in the first half of 2025, driven by strong performance in its pig farming business and effective cost control measures [1][3]. Financial Performance - The company reported a net profit attributable to shareholders of approximately 3.475 billion yuan, a year-on-year increase of 159.12% [2]. - Total revenue for the period was approximately 49.85 billion yuan, reflecting a growth of 5.91% compared to the previous year [2]. - The net profit after deducting non-recurring gains and losses was about 3.256 billion yuan, up 137.63% year-on-year [2]. - The net cash flow from operating activities was approximately 6.465 billion yuan, an increase of 14.31% [2]. - Basic earnings per share were 0.5252 yuan, a rise of 159.36% [2]. Business Segments Pig Farming - The pig farming segment was the main driver of profit, generating approximately 5.1 billion yuan in profit, which offset losses in the poultry business [3]. - The comprehensive cost of pig farming decreased to 6.2 yuan per jin, a significant drop of about 1.2 yuan per jin year-on-year, with production performance improvements contributing approximately 60% to this reduction [3]. - The company achieved a pig market entry rate of 93% in June, with a feed-to-meat ratio optimized to 2.55 [3]. Poultry Farming - The poultry segment faced challenges, with chicken farming losses amounting to approximately 1.2 billion yuan, including a 500 million yuan inventory write-down [4]. - The company is actively restructuring its poultry business by splitting the original poultry division into three divisions and one independent operating unit to enhance management efficiency [4]. - The company has initiated marketing strategies to boost consumer confidence, including establishing a marketing center in Shanghai and promoting the "Wenshi Food" brand [4]. - As of August, chicken prices rebounded to 6.4 yuan per jin, and the poultry business has returned to profitability [4].